America's wealthiest don't tell their kids how much they're worth

Rich Kids of Beverly Hills
star Dorothy Wang says she didn't know how wealthy her family was
until later in life.instagram.com/dorothywang

Morgan Stanley Managing Director Glenn Kurlander wrote that
once he had an uber-rich client walk into his office worriedly
and say:

“Glenn, my kids have no idea how much I’m worth; I’ve kept them
totally in the dark
(The Atlantic).”

To which Kurlander recalled
replying: “You live in a 25,000-square-foot house, and your
kids have never been on a commercial plane — they’re always on
your private jet. I think they’ve figured it out.”

For children, money is the mysterious force behind the new soccer
ball, birthday bash or theme park trip. It is everywhere — from
their clothes, to the new paint on the walls, to the burger
they'll have that night.

But kids of affluent parents rarely understand how much exactly
they have because most parents prefer not to tell.

Seventeen percent of high-income parents intend to tell their
children about their income by the time they're 18. Another 18%
of parents never, ever plan on showing their kids the balance
books.

According to The New York Times, Spectrum Millionaire Corner
conducted a survey with
respondents that had at minimum $100,000 a year in income, asking
1,000 participants if they would disclose their worth to
offspring under 18.

The answer was, overwhelmingly, "it's none of their business."

Reasons for hiding the family's worth ranged from "they might
share with their friends" (9% of respondents) to anxieties about
how disclosure could affect their children (13%).

Affluent respondents who did
inform their children of their worth wanted their children to
learn about savings and budgeting, but mostly in case of
emergencies.

“Of course it’s part of their
business,” said Spectrem’s Cathy McBreen to The New York Times.
"When the parents pass
away, the children are going to have to walk into their house and
figure it out.”